The cryptocurrency market is certainly struggling this week. Bitcoin, the main crypto, shocked the industry by falling below $90,000 and using it to acquire many assets. Among the most difficult hits are Solana, who fell below $140. But can Sol rebound in the short term?
Much of that movement depends on the sentiment of the entire market. The rise in geopolitical tensions and economic uncertainty seem to be taking a blow to the asset class. But that reversal can be driven by an influx of positive emotions that have occurred over the past few weeks. The question is, can Solana really be propelled to the most impressive level in recent months?
Solana keeps falling: Here’s how Sol can rebound from the $138 drop
There is no shortage of concern from traders regarding Solana’s continued performance. According to CoinmarketCap, the sixth largest crypto by market capitalization has dropped by more than 40% over the past 30 days. Plus, in January we removed an astonishing 50% from our all-time best-mark set of $295.
All eyes lie in whether assets can turn things around in the short term. But there’s so much negativity that it’s facing countless cryptocurrencies that leads aren’t that possible. Solana’s continued fall has gone below the $140 mark, so is there any hope for Sol to rebound?
There is always a turnaround possibility in the crypto sector, but it is a critical time for Solana. As assets are currently at a five-month low, $138 support is important. There is a belief that assets can be integrated between that level and a $161 rise. Plus, if it continues to decline, it could reach a low of $131.
For it to break through the bearish wall, it needs to break the $168 level and support it. This will help reverse the ongoing downward trend. It could be boosted by a continuous overhaul of US crypto policy. Alternatively, the talk of various cryptocurrency ETFs and the possibility of Solana being included can also help drive upwards.
(TagStoTRASSLATE) Cryptocurrency (T) Solana
